CT Sale Cut

Johnson Matthey has lowered the sale price of its Catalyst Technologies (CT) business to Honeywell International from £1.8 billion to £1.33 billion, a 26 % reduction. The price cut reflects CT’s underwhelming performance in 2025/26, including delays in key sustainable solutions licensing projects and reduced profitability due to market challenges. As a result, the company now expects to return around £1 billion in net proceeds to shareholders through a special dividend of £800 million and a share buyback programme worth £200 million. The revised deal extends the deadline for approvals and closing conditions from February 21 to July 21, with an option for a further extension to August 21, and the sale is expected to complete by the end of August. Johnson Matthey’s shares fell 16 % in morning trading on Monday after the announcement, following reports that Honeywell was considering pulling out because of regulatory concerns and unmet business milestones. The original deal had sent shares soaring by nearly 60 % over the past year. The sale is part of the company’s strategy to revamp its portfolio by concentrating on clean air and platinum group metal chemicals.